Beyond Meat shares surge higher on planned 'McPlant Burger'

October 14, 2021 21:51

McDonald’s announced plans to test plant food group Beyond Meat’s burgers in eight US restaurants. This follows the success of a plant-based offering in the United Kingdom and Europe. The testing is due to take place as early as next month and is a big boost for Beyond Meat.  

The company’s share price has been languishing in previous months after a disappointing earnings report showed a second-quarter loss of 31 cents per share. This was mainly due to a lack of orders from restaurants that were still closed during the lockdown from the delta variant.  

Beyond Meat’s share price jumped higher on the news announcement and will likely end the week positive. The news also follows on from recently announced marketing deals with YUM! Brands (owners of KFC, Pizza Hut and Taco Bell), as well as PepsiCo and Walmart.  

Source: Admirals MetaTrader 5, #BYND, Weekly - Data range: from 12 May 2019 to 14 Oct 2021, performed on 14 Oct 2021 at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results. Last five-year results not available.  

Since the Beyond Meat IPO in May 2019, the stock price has traded mostly sideways over the long-term, with short spells of uptrends and downtrends. Currently, the share price is sitting at a confluence of technical support levels.  

Not only is the price rejecting the previous swing low in May but it is also finding support at the 61.8% Fibonacci retracement level from surge higher between March and October 2020.  

The combination of good company news which will add the bottom line and technical levels where the price could turn will now be the key test on the strength of buyers in the market and an attempt to lift the share price to the last swing high of $160 which is a near 50% move up.  

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Jitanchandra Solanki
Jitanchandra Solanki Financial Markets Author, Admirals London

Jitanchandra is a financial markets author with more than 15 years experience trading currencies, indices and US equities. He is an accredited Market Technician with a BA Hons degree.